Crypto Today: Bitcoin breaks $63,500, Ethereum closer to $2,500, XRP holds steady above $0.58

• Bitcoin rallies to $63,500 for the first time in nearly a month, likely in response to the Federal Reserve’s 50 bps rate cut on Wednesday.
• Ethereum eyes return above $2,500, gains nearly 3% on day.
• XRP holds steady above $0.5870, climbing slightly. 

Bitcoin, Ethereum and XRP updates

• Bitcoin trades at $63,118 at the time of writing. The largest cryptocurrency by market capitalization reached a high of $63,500 early on Thursday. Bitcoin has gained nearly 7% since Monday’s open of $59,132 this week. 
• Ethereum hovers around $2,500, gains nearly 3% on the day. The altcoin’s Spot ETFs have noted negative flows for three consecutive days this week. According to data from Coinglass, Spot Ethereum ETF netflow was between $9.4 and $15 million. 

Ethereum Spot ETF flows 

• XRP has held onto recent gains, climbing to $0.5870 on Thursday. Key market movers for XRP Ledger’s native token are Ripple’s preparedness for stablecoin RUSD’s launch and the altcoin’s legal clarity in transactions on exchange platforms. 

Chart of the day: SEI

SEI/USDT daily chart

SEI noted a large gain in daily active users compared to a month prior. In August the number of daily active users crossed 50,200, per data shared by the project in an official tweet on X. SEI ranks among trending coins on Binance on Thursday. 

SEI is likely to extend gains as the asset rallies nearly 9% on the day. At the time of writing the price is $0.3386, and SEI could hit its August 26 high of $0.3673. 

The green histogram bars on the Moving Average Convergence Divergence (MACD) momentum indicator support the bullish thesis. It signals underlying positive momentum in SEI’s price trend. 

SEI could find support in the Fair Value Gap (FVG) between $0.2915 and $0.3103, looking down on the daily chart. 

Market updates 

• Amberdata’s report on Bitcoin vs Ethereum ETF comparison shows that in contrast to BTC gains from ETF approval, Ether suffered a decline in price. Spot Ethereum ETF launched on July 23, 2024, and since then the price dropped 29%. Netflows for Spot Ethereum ETFs have not shown the same trajectory as Bitcoin, and experts examine whether the interest in Ether ETFs will pick up in 2024. 
• Bitcoin noted gains in response to the US central bank’s 50-basis-point rate cut on Wednesday. David Morrison, senior market analyst at Trade Nation, considers the development “encouraging” for the asset. 
• Morrison told FXStreet:

"Crypto prices surged following the Fed’s 50 basis point rate cut. Bitcoin pushed back above $60,000 on Tuesday in a move which helped to lift sentiment after a difficult summer. It built on those gains yesterday, as did other risk assets, after the Fed kicked off what should be a series of rate cuts with a hefty, and until last Friday, unexpectedly large cut. Bitcoin is up around 5% today, and, unlike gold, has held on to its gains so far. This is encouraging, particularly as the Fed has signaled more rate cuts this year. If Bitcoin can take out August’s high of $65,000 convincingly, then we may see a resumption of the bull market. If it can’t, then it’s worth noting the significant band of support which was formed in February this year, roughly between $51-52,000."

Industry updates

• TokenTerminal data shows 80% senders of the stablecoin Tether (USDT) are on the Tron chain. For crypto traders, this means that Tron is onboarding a large volume of new users to cryptocurrency markets or Tether is driving adoption of Tron among traders.

• The Threshold Network, a decentralized protocol, has integrated Chainlink Price Feeds on Arbitrum, Base, Ethereum and Optimism chains to secure tBTC (Bitcoin backed token, pegged to the price of BTC) markets. 

• Solana Labs announces Seeker, second mobile device from the project, assures rewards to users.